Rome, 18 January 2018

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TWO STRATEGIC DEALS - CORNERSTONES OF THE NEW POSTE ITALIANE

GOAL Leading Italian asset gatherer with comprehensive portfolio and innovative service model

TARGET Increase revenues and profitability from existing and new clients

STRATEGY

Develop a controlled open platform Retain key strategic product factories Retain control and oversight of product structuring Maintain and expand in-house expertise

NEW AGREEMENT WITH CDP

Innovation of core postal savings offer Remuneration mechanism improved

with immediate financial benefits

1 NEW PARTNERSHIP

WITH ANIMA

Focus on distribution Leverage on best-in-class asset

management expertise

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3

LEVERAGING THE POWER OF OUR CLIENT BASE AND NETWORK

Over €500bn total financial assets at the end of September 2017, +2.5% vs. December 2016

34 million retail customers (c. 56% of the Italian population) of which 2.6 million affluent and private

customers

Unmatched customer base in Italy

12,800 branches

1.5 million daily customers

2.6 million daily transactions at Post Offices and 1 million daily access through digital channels

Scale of distribution network

MiFID II: increasing transparency

Poste Italiane network covers 96.5% of Italian territory Market Trends

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KEY PILLARS OF POSTE’S STRATEGY IN FINANCIAL SERVICES

ANIMA PARTNERSHIP

Focus on structuring and distribution of asset management products,

maximizing value of network and customer base

Transfer to Anima of the management of part of Postevita investment

portfolio and strengthening role of Anima as strategic partner

Cash consideration of €120m to be paid by Anima to Poste Italiane

IMPROVED CDP

AGREEMENT

Yearly fees between €1.55bn and €1.85bn over the next three years

Initiatives with CDP to launch new products, renew brand image and

improve customer experience

2

1

Two strategic deals signed since December

Postal savings

20%

Financial products

18%

Payments 44%

Postal products

and Other 18%

POSTAL SAVINGS PRODUCTS AS KEY CROSS-SELLING ENABLER

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2.6m Average daily transactions at

Post Offices

Liquidity

Class III (Ramo III – Unit linked)

Mutual Funds Class I

(Ramo I – Traditional Life)

Postal savings

CDP

Out of 2.6 million transactions, 20%

relate to postal savings products

Key cross-selling enabler 2.1 products per savings book holder

Over 40,000 tellers and relationship managers

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… yielding early encouraging results

NEW PRODUCTS

Revamping program already at full speed…

MARKETING

CUSTOMER EXPERIENCE

• Super Smart Offer: from 1 to 2 maturity options1

• Postal Bonds: New product “3y plus” with very competitive annual returns of 0.70%

PRAGMATIC AND ACHIEVABLE TARGETS

1) Super Smart Offer: term deposits on Smart Savings Books

2018

2017

CDP

• 2 new postal bonds in January 2018 • New platform to attract new money by Q2 2018

• 4 campaigns vs 2 campaigns in 2016 • Multimedia Ads plan (TV, press, digital, postal office

material)

2018

2017

• New product brand and post office positioning by Q2 2018

• Improved passbook and bonds management platform within Poste.it website

2018

2017

• Fully paperless sales process for saving books • Full delivery of web/mobile transactions • Improvements in front office processes

0.6

-9.9 -10.4

-8.0

-0.1 Avg

2003-20142015 2016 1H2017 3Q2017 2018 2019 2020

Net inflows of Postal Savings: 2003 - 2020 (€bn)

Actual inflows Agreed Targets

Bold actions taken to drive network sales

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0.52% on the average balance

POSTAL SAVINGS BOOKS REMUNERATION

New 2018-20 agreement Previous 2014-18 agreement

0.52% on the average balance (€115.0bn1) Significant contribution to cash flows

0.52% on the average balance

POSTAL BONDS REMUNERATION

0.52% on the average balance of Postal Bonds “ordinario”2 (€191.4bn1)

Upfront fee for campaign-based Postal Bonds: 1.45% on bonds with a maturity ≤3y 1.95% on bonds with a maturity >3y

Potential for additional remuneration

Key highlights

No floor or cap envisaged CAP & FLOOR Floor: €1,550m yearly postal savings fees

Cap: €1,850m yearly postal savings fees Guaranteed profitability

within defined targets

Postal saving fees target for 2018 at €1.8bn or better

NEW AGREEMENT - IMPROVING AND STABILIZING PROFITABILITY CDP

1. Average volumes as of September 2017 according to previous agreement 2. All Postal Bonds issued before 31 December 2017; Postal Bonds “ordinario” and those dedicated to minors from 1 January 2018

Leading national independent asset manager in Italy

Proven track record with non-captive networks

First in class expertise in specific products and asset classes

Key support to train the network

Successful partnership already in place with Poste Italiane, yielding strong results in recent years

Focus on distribution of third party solutions

Controlled-open platform with BancoPosta Fondi SGR keeping a relevant role in the product development process

Become a competence centre focusing on overall supervision of asset management activities

Best set-up to optimize Group’s profitability, while increasing the product catalogue and updating the service model

ANIMA PARTNERSHIP SUPPORTS POSTE’S NEW ASSET MANAGEMENT STRATEGY

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Why Anima? Poste Italiane’s asset management strategy

The deal will allow Poste Italiane to…

…increase and refresh product offering

…upgrade Poste’s retail network through training

…offer best in class products selecting from top global third party providers

Anima

Transfer of selected management activities to Anima

ANIMA DEAL TO FURTHER STRENGHTEN PARTNERSHIP

Spin-off to Anima: management of the government portfolio underlying Postevita’s Class I (Traditional Life) investments

Scope of the agreement: over €70bn assets, currently entrusted to BancoPosta through an institutional mandate

Cash consideration: €120m to be paid by Anima to Poste Poste stakes: 100% in Banco Posta Fondi SGR and 10% in Anima

Strengthening of existing co-operation agreement for retail mutual

funds and Class III products, in addition to new institutional mandate covering Class I investments

15-year agreement to ensure long-term value Strong focus on Anima to provide product innovation and

continuing and extensive training to Poste’s salesforce Poste committed to sub-delegate minimum AuM volumes in

percentage terms

Upgraded partnership agreement with Anima

Banco Posta

Fund 1

Banco Posta

Fund 2

Sub-advice mandates

Final agreement in February 2018. Expected closing by end 4Q 2018 subject to approval by relevant authorities

Mutual funds

Class I financial assets

Today Tomorrow

€10bn Class I

financial assets

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Anima

Mutual funds

€70+bn Class I

financial assets

Banco Posta

Fund…

Unit Linked

1

Unit Linked

2

Unit Linked

…

ASSET GATHERING PLATFORM COMBINING PRODUCT RANGE FLEXIBILITY AND ACCESS TO EXPERTISE

10

TFAs leverage on the extensive network

TFAs (€bn)

As of 30/9/2017 115

3.5

321

Postal savings Mutual Funds Class I Class III

Controlled open platform – combining fully captive vs. open distribution models

PRODUCT STRUCTURING In-house product governance

ASSET MANAGER(S) + Best in class

asset managers

Strong contribution from Anima and best in class asset managers + Best in class

asset managers + Best in class

asset managers

MARKETING AND DISTRIBUTION

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Anima

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CONCLUDING REMARKS

Leverage customer base, network and brand to grow financial revenue

Offer increased product range and quality while improving profitability

Retain product control and in-house capability

See you all at

Capital Markets Day

Milan

February 27

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This presentation contains certain forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and

operational performance of the Company and its subsidiaries. These forward-looking statements are based on Poste Italiane S.p.A.’s current expectations and

projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ

materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Poste Italiane S.p.A.

to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and availability of fuel and other

risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Poste

Italiane S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after

the date of this presentation. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an

offer to sell or a solicitation of any offer to buy any securities issued by Poste Italiane S.p.A. or any of its subsidiaries. Pursuant to art. 154-BIS, par. 2, of the Unified

Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Poste Italiane S.p.A., Luciano Loiodice, declares that

the accounting information contained herein corresponds to document results, books and accounting records.

DISCLAIMER

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Email: investor.relations@posteitaliane.it

Poste Italiane, Viale Europa 175, 00144, Rome, Italy

www.posteitaliane.it/en/investor-relations

Investor Relations

CONTACT US

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